Tata Play, ideaForge get SEBI approval for IPOs

Indian satellite television service provider Tata Play and drone maker ideaForge Technology have received capital markets regulator Securities and Exchange Board of India's (Sebi) approval to raise funds through initial public offerings (IPOs).

Tata Play, formerly known as Tata Sky, the first company in India to use the confidential pre-filing of draft papers option for an initial share sale in December 2022, obtained the regulator's observation letter on April 26.

Drone maker ideaForge had filed preliminary IPO papers in February earlier this year. The public issue comprises a fresh issue of Rs 300 crore and an offer for the sale of 48.69 lakh equity shares. The offer also includes a reservation for a subscription by eligible employees.

Further, the company, in consultation with the lead bankers on the issue, may consider a pre-IPO placement of up to Rs 60 crore. If such placement is completed, the fresh issue size will be reduced.

ideaForge is backed by marquee investors, including Infosys, Qualcomm, Celesta, Florintree, EXIM Bank, Indusage Technology Venture Fund, and Infina Finance.

JM Financial and IIFL Securities are the book-running lead managers and Link Intime India is the registrar for the issue of ideaForge.

Source: SEBI, Media reports